Five Firms Steer Singapore Startup Grab’s $39.6 Billion SPAC

Skadden, Arps, and Hughes Hubbard & Reed are advising Grab Holdings Inc., Southeast Asia’s top ride-hailing, food-delivery, and digital-wallet “super app,” on its go-public merger in the U.S. with a special purpose acquisition company.

Ropes & Gray is advising the SPAC, Altimeter Growth Corp.

The deal calls for the combined company’s shares to trade on the Nasdaq exchange under the symbol “GRAB” after closing “in the coming months,” according to a statement.

The transaction is expected to be the biggest-ever U.S. equity offering by a Southeast Asian company, with an estimated $39.6 billion value.

WilmerHale is advising Altimeter Capital Management LP and Altimeter Capital Markets, which includes Altimeter Growth.

Cooley is advising J.P. Morgan and Morgan Stanley & Co., which served as lead placement agents.

Grab is raising more than $4 billion from investors, including BlackRock Inc., Fidelity International and T. Rowe Price Group Inc.

The company posted $12.5 billion gross merchandise value in 2020, more than double its 2018 level. It expects its total addressable market to grow from approximately $52 billion in 2020 to more than $180 billion by 2025.

“As one of the world’s largest and fastest-growing internet companies, Grab is paving the digital path forward for the 670 million citizens of Southeast Asia,” said Brad Gerstner, Altimeter founder and CEO.